Amazon Braces For UK's Insurance Market With Latest Offering

Amazon.com, Inc AMZN launched a portal for buying insurance in the U.K., challenging veteran price comparison sites.
Amazon launched a home insurance comparison service a week after Apple Inc AAPL announced new high-yield savings account with Goldman Sachs Group, Inc GS, the Financial Times reported.
Amazon already offers online payments, co-branded credit cards, gift cards, and installment-lending services, including a "buy now, pay later" partnership with Barclays PLC BCS in the U.K.
Also Read: FTC Probed Visa and Mastercard For Anticompetitive Practices Involving Online Debit-Card Routing
In insurance, Amazon offers extended warranties for some products purchased through its online store and, in India, car insurance via a partnership with Acko.
But launching an insurance aggregator in the U.K. could pave the way for a more expansive push into personal finance products in one of its largest markets outside the U.S.
Amazon wants its portal to be a direct competitor to sites such as Moneysupermarket, Uswitch, Compare the Market, and GoCompare, although it currently only has three insurance providers.
The portal will allow customers to compare and purchase buildings and insurance from various providers without leaving its website.
The portal will also allow customers to review their providers.
Amazon will take a commission from each sale and ringfence the customer data collected from its other business units during the application.
U.K.'s latest regulations prevent "price walking," a gradual increase in premiums when customers renew yearly.
Price Action: AMZN shares traded higher by 0.03% at $116.40 in the premarket on the last check Wednesday.
Photo by christian wiediger via Unsplash

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